The exercise of tracking it regularly helps to keep it top of mind and it also allows me to see how my plans are working compared to my goals and if I need to make adjustments (I agree with @Chris Clothier that you've got a keep a long-term perspective because real estate investing, like life in general, is a marathon not a sprint).Great question, Allan!

Ever since first discovering real estate investing over a year ago ( has it been that long?)

How long does it usually take to complete all procedures with the first mortgage holder after buying the second mortgage to pay off the first mortgage? 

It can be a bit of a long process, but I have a partner who is an immigration lawyer that can expedite the process.If you are not going to go that route, you should expect to need 25-35% down.

If I look a few miles south you are in a richer neighborhood. 

how long does it take?

I do know quite a bit about Belize because I looked at possibly of investing there and did a thorough due diligence a long time ago and I know quite a few people who have invested there.

What is a good area to invest in or around Detroit that would yield  good cash on cash returns( long term, midterm, short term rentals).

I'm Amy Mueller and my husband and I recently transitioned our long-term rental to a Mid-term and are looking to do this with a few more of our rentals. 

You can also consider installing solar collectors to heat your water, which can reduce your energy costs in the long run.